Betsy Rosecan, NOSSCR Government Relations Director

On April 1, 2025, Sen. Catherine Cortez Masto (D-NV) and Sen. Bill Cassidy (R-LA) introduced S. 1234, the SSI Savings Penalty Elimination Act. Rep. Brian Fitzpatrick (R-PA) and Rep. Danny Davis (D-IL) introduced an identical bill in the House, H.R. 2540, on the same day. S. 1234 has nine cosponsors, five Republicans and four Democrats. H.R. 2540 has 13 cosponsors, 7 Republicans and 6 Democrats. S. 1234 has been referred to the Senate Committee on Finance, and H.R. 2540 has been referred to the House Committee on Ways and Means.

This legislation would update the SSI resource limits for individuals and couples, which have not been updated since 1984. Currently, individuals with disabilities and those 65 and older are eligible for Supplemental Security Income (SSI) only if they have $2,000 or less in total assets; for married couples, the limit is $3,000. The SSI Savings Penalty Elimination Act would raise the SSI asset limits to $10,000 for individuals and $20,000 for married couples and index them to inflation moving forward. NOSSCR supports this legislation.

Bill Details

SECTION 1. Short title.

This Act may be cited as the “SSI Savings Penalty Elimination Act”.

SEC. 2. Update in eligibility for the supplemental security income program.

(a) Update in resource limit for individuals and couples.—Section 1611(a)(3) of the Social Security Act (42 U.S.C. 1382(a)(3)) is amended—

(1) in subparagraph (A), by striking “$2,250” and all that follows through the end of the subparagraph and inserting “$20,000 in calendar year 2025, and shall be increased as described in section 1617(d) for each subsequent calendar year.”; and

(2) in subparagraph (B), by striking “$1,500” and all that follows through the end of the subparagraph and inserting “$10,000 in calendar year 2025, and shall be increased as described in section 1617(d) for each subsequent calendar year.”.

(b) Inflation adjustment.—Section 1617 of such Act (42 U.S.C. 1382f) is amended—

(1) in the section heading, by inserting “; inflation adjustment” after “benefits”; and

(2) by adding at the end the following:

“(d) In the case of any calendar year after 2025, each of the dollar amounts specified in section 1611(a)(3) shall be increased by multiplying the dollar amount by the quotient (not less than 1) obtained by dividing—

“(1) the average of the Consumer Price Index for all urban consumers (all items; United States city average, as published by the Bureau of Labor Statistics of the Department of Labor) for the 12-month period ending with September of the preceding calendar year, by

“(2) such average for the 12-month period ending with September 2024.”